Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Elias Halvorson

Elias Halvorson has started 0 posts and replied 154 times.

Post: 15 year fixed or 30 year fixed?

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82
completely agree with JD. The pricing difference is small. You can always pay more toward your principal and turn your 30 year loan into a 15 yr loan on your own. Having the 30 year provides more flexibility. 


Quote from @JD Martin:

I prefer the flexibility of 30 year notes, especially when the interest spread is paltry. Right now the difference between the two is less than 75 basis points, certainly nowhere near enough for me to give up the flexibility of the longer note with lower payments. Besides, you can always (essentially) turn a 30 year note into a 15 year note, but not the other way around. 


Post: How do we get this guy off the mortgage, quickly and painlessly?

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

No painless way. Since you said "assume the loan" I am assuming this is a Gov mortgage ie FHA, VA, or USDA? Assuming the loan would likely be best from a cost/fees (and likely interest rate perspective).

Post: Seeking Advice Birmingham AL

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

Not in Bama, but I had 4 Section 8 properties in Biloxi. I love section 8. Sometimes the repairs were a bit nit picky, but the clients were great. THey are incentivized to take care of your property or they could lose their section 8. In my experience section 8 tenants were much better than tenants than others. Highly recommend! 

Post: HELOC on Primary Residence

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

Yeah, I would go with a local credit union or bank - they have the best deals. 

Post: Best Credit Score for Financing

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

Hi Kwanza, 

It really depends on what type of loan (VA, FHA, Conventional, DSCR, etc). For instance, I'm a veteran and do a lot of VA loans and one bank I work with offers the same rate to veterans with a 685 credit score as they offer for veterans with a 758 credit score. However, for a conventional loan the pricing is significantly different. Typically, 760+ is the top, with maybe 10% of the banks having 780 and above as the highest tier.

Post: Should I refinance before switching jobs?

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

What Jeff asks is key. No problem if the salary structure is the same, but if there is any sort of commission income involved, and you need that commission income to qualify for the refi then waiting could cause issues. No one knows the direction of rates. We all hope they go down, but will they and by how much? With tariffs, potential trade wars, and all sorts of economic uncertainty I would probably play it safe and just refinance now. 

Post: Pay off mortgage

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

It’s already been said by the above but at 2.9%- that’s free money. It would be a huge mistake to pay it off. If you want to invest elsewhere then take that 50k you would’ve paid it off with and use it for a down payment on another home. 

Post: Pay off mortgage

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

Justin, 

Most of us are happy to help and offer advice, but in order to offer good advice details are usually needed. So much more info needs to be given in order for us to give you decent advice. 

- What is your interest rate on your current mortgage? It wouldnt make much sense to pay it off only to get a HELOC... Refinancing doesnt make much sense unless you have A LOT of equity and are pulling some cash out. You wouldnt want to do a rate/term refinance as you barely owe any money and the title/escrow fees alone would be cost prohibitive. And of course, what are you going to do with the money should you take cash out via a HELOC or a cashout refinance?

Post: Buying Down Points

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82

I would recommend shopping around, especially with a local mortgage broker. Is this a conventional loan for a refi-cashout on an investment property or is this a DSCR cashout? For conventional refi-cashout these terms are very high. What is your credit score? If this is for a conventional cashout feel free to DM me - I can go over the rates I am seeing. But if you have good credit, and this is a conventional loan on an investment property that is a SFH - you should be getting a lender credit, not charged points at 7.125.

Post: Attracting Roommates Who are Okay with Not Having Alcohol

Elias Halvorson
Posted
  • Hawaii
  • Posts 161
  • Votes 82
Hello Janeen, 
I’m sure you’ve thought of this and likely done it but what about your local Mosque? Any social groups which are associated with it, etc? Probably the easiest way is that. Also, if there is a local college town you could advertise to any student association associated with religions which abstain from alcohol. Again, you’ve probably thought of these, but those are likely your best bet. Another avenue is offer below market rent. Some folks might decide the savings associated with the below market rent is worth not drinking 

Quote from @Jaheen Ahsan:

Hello,

So I bought my first house hack back in July, and I've been trying to find roommates for about 6 months or so and haven't quite had any luck. I suspect part of the reason might be because I have a no-alcohol policy for my property, which I understand might draw a lot of people away to some extent. For context, I have that policy due to my own religious restrictions as I'm not allowed to have any alcohol at my place of residence. I was wondering if anyone had ideas on how I might be able to attract more tenants who are okay with having this type of policy as I know it might be a bit of a niche market, but I'd love to hear any suggestions. So far, I've used Facebook Marketplace, Zillow, Roomies, Craigslist, and Roomster, and I was able to get some level of interest initially, but haven't had a ton of luck since then, so I'd love to hear some ideas.